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Schlumberger Increases Bid for Eastern Echo

U.S. oilfield services group Schlumberger on Friday raised its bid for Norway-listed seismic group Eastern Echo to 15 crowns per share from 12 crowns.

"The new offer values the equity of Eastern on a fully diluted basis at 4.59 billion Norwegian crowns ($840.7 million) based on 15 crowns per share," Schlumberger said in a statement.

It said it already controlled 55.6 percent of all outstanding shares in Eastern Echo on a fully diluted basis, including holdings in convertible bonds.

It was the second time Schlumberger has sweetened its unsolicited offer for Eastern Echo, after the Norwegian group urged its shareholders to reject an initial bid and said fair value would be above 20 crowns per share.

Schlumberger's bid led French rival CGGVeritas' to purchase a 12.7 percent stake in Eastern Echo at an average price of 13.95 crowns per share.

Shares in Eastern Echo were up 6.25 percent at 14.45 crowns on a falling Oslo bourse.